Stocks Lose Midday Gain, Take Slight Dip

A trader works on the floor of the New York Stock Exchange on Wednesday. (AP Photo/Richard Drew)

(Newser)
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Stocks are closing mostly lower on Wall Street after a midday gain evaporated in the late afternoon, the AP reports. Consumer-focused companies like retailers led the way lower Thursday. Amazon, which has been on a tear recently, dropped 4.2%. United Parcel Service slumped 6.1% after saying higher costs affected its business in the fourth quarter. Facebook rose 3.3% after reporting revenue that came in ahead of analysts' forecasts, while chipmaker Qorvo soared 16.1%.

The Standard & Poor's 500 index fell 1 point, or 0.1%, to 2,821. The Dow Jones industrial average climbed 37 points, or 0.1%, to 26,186, while the Nasdaq composite fell 25 points, or 0.3%, to 7,385. Bond prices fell, and the yield on the 10-year Treasury note rose to 2.78%.

The fundamental problem remains --- wages/consumption. The middle class is what really drives our consumption oriented economy and they're still strapped for cash. We've got robots that will work 24/7 without pay --- but there aren't enough people with available cash to buy what they're making --- because the rich are hoarding all the money.